All Forum Posts by: Linda Garcia

Thank you everyone!  I think we are countering to a straight sale now but the agent has a clause that says closing date 30 days after permit available. (Almost there) Shouldn't they have to close and then pull their own permit? We feel like it should be out of our hands in the event they start construction.  Also they have the ability to stall said permit until they put up landscape bonds which is the only thing the city is requiring now.  We don't understand the 60 day feasibility and 30 days after permit to close. Probably a new forum but checking here...

My partners and I have a piece of land almost ready for permitting for a multifamily.  Our agent wants us to counter much higher take a chunk down and carry $4MM @ 10% until the construction loan or a deadline we define ( should be quick ) What are the risks vs a cash offer?  If they default wouldn't we get the land back? Do we first get proof that they will in fact get the construction loan?  

Thank you!

@Tamar Hermes 99% even though I said “any time this month”!

@Jay Hinrichs Sorry Jay I totally responded about another posters comments!

I have seen the company you mentioned and unfortunately here north of Seattle, specially Marysville, Everett, Snohomish homes are selling before or at the first open house. Anything $400k or less is sold in a blink. My daughter loses out to cash deals ... might need to help her in a similar way!

@Don Konipol Thank you for the insight! It's amazing what agents are offering now that I did FSBO.

@Jay Hinrichs

Thank you, I think forms are free here too!

We also have Faira that gets you on the MLS free but you must pay full 3% to the buyer agent.

This is all fascinating to me and agents are offering 0% up to a price point to sell and up incrementally in fractional

percentages. Most Agents are offering 1% and telling me the Buyer gets 2.5%. I am offering 3% to buyer agent unless someone wants to bid.

I thought it was 6% no matter what when listing. We will see how this goes!

And I will probably end up listing.,,, but I do like the disrupting factions because I feel like I do much of the work!

Thank you for your insight!

Just wanted to say I am giving Keepthe6.com a shot! It’s just getting started and I realize agents are important in many transactions; however sometimes especially in unique markets may not be necessary. I also realize this can be done completely on your own with title and escrow but it may help convince buyers to make the offer with a little hand holding!

Anyone have experience with this or similar? Again, I am not against agents in most circumstances so no harsh words please!

Thank you Jay and Matthew,

We had not considered selling but were approached by a chain home builder with a strong offer.  We desired to do something ourselves but found a developer who has experience in apartment and townhomes for rent who would partner with us.  We plan to keep 7 years to indefinite.

Our location in King County.  The offer is $1M higher than the capital account we would get with the developer, although once up and full we would be in a better position than selling in our equity and annual income.  But it could be 4 years before we see anything and of course the project may not get approved as is and could be much less density in the end.

Might be too many rentals, might be late to the game.  I see the risk in putting the land up for a specific value that is set and the land appreciating over the wait time.  I also feel the home builder will go higher.  So our real problem is deciding if there is a price point better than developing.   I see now that even a mathematics whiz wouldn't be able to figure this out....it ultimately depends on what gets built or how we decide to invest proceeds.  How do you make these types of decisions? 

Are there deals where the land value gets some appreciation towards capital account while waiting so long?

Either way this is a great place to be and biggerpockets has lots of inspiration!

Sell vs Develop land.   Does anyone here know how to make an educated decision on whether to sell a highly appreciated property or go into a partnership with a developer.  The sell now price is substantially higher than the capital account value we would start out with but would allow us to get into multifamily.  I have shown my accountant and attorney but no real answer, probably because too many variables and things that could go wrong.  I would love to hear of any experiences with partnerships of the multifamily buildout type.

Thank you!  Relatively new here but loving it!

Hi, I am new here as far as posting anything! Hello! I have an offer coming in to buy a piece of land I own and also an offer to JV for an apartment building. Would there be a good reason as to why my offers are much higher than the equity value going into JV? I really want to do the JV but this is bugging me and the buyer is still wanting to offer more. Great place to be but has anyone had this experience?